What's Going On With WeWork Stock?
Portfolio Pulse from Ryan Gustafson
WeWork Inc. (NYSE:WE) shares surged over 130% on Thursday due to increased retail investor interest, despite the company's recent statement about substantial doubt over its ability to stay in business. The company reported worse-than-expected Q2 financial results, with losses of 21 cents per share and revenues of $844 million, both missing analyst consensus estimates. The surge in WeWork's stock price is speculated to be due to the 'meme stock' phenomenon, similar to what happened with GameStop.
August 10, 2023 | 6:56 pm
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WeWork's stock price surged over 130% due to increased retail investor interest, despite reporting worse-than-expected Q2 results and expressing doubts over its business viability.
The surge in WeWork's stock price is due to increased retail investor interest, despite the company's poor Q2 results and doubts over its business viability. This is likely due to the 'meme stock' phenomenon, where retail investors coordinate massive purchases of beaten-down stocks, driving up their prices.
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